I. Introduction
Smart Distribution Grid is the strategic goal of today's distribution companies (DISCOs) which are planning to achieve it as the final solution to meet the customer expectations and new strict standards and to overcome the upcoming challenges such as the growing penetration of distributed generation in distribution networks, electric vehicles, deregulation and restructuring of power systems, etc. [1]. One of the main pillars of smart distribution grid is distribution automation system (DAS) that enables the DISCO to monitor, coordinate, and operate distribution components in a real-time mode from remote locations [2], [3]. To equip the network with this system a large investment is needed that varies depending on the geographical extent of the network, available infrastructures, required capabilities and functionalities, etc. [3]. Usually DISCOs do not have enough resources to fund in this project at one step and they prefer to progressively invest in DAS project. Therefore DISCOs need to perform planning study in which the optimal investment for this project is determined through technical and economic studies and the optimal schedule of actions for the implementation of the project is specified considering available resources such as annual budget.